2011-03-01
2011-03-31
x Nightly Business Report

STATION
KQED (PBS) 45
WETA 25
WMPT (PBS) 24
KQEH (KQED Plus) 23
LANGUAGE
English 117

Set Clip Length:


of nuclear energy here in the u.s., we continue our coverage of japan's massive earthquake. you're watching "nightly business report" for monday, march 14. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> susie: good evening everyone. my colleague tom hudson is off tonight. it's day four of japan's monstrous earthquake and tsunami, and the full brunt of the damage is still unknown. the death toll is expected to exceed 10,000 and the country continues to battle the threat of a catastrophic nuclear accident. now japan is focused on the enormous human suffering, but attention around the world is also shifting to the economic consequences of the disaster. many economists believe the country is likely to slide into recession. so what will that mean for the rest of the world? suzanne pratt reports. >> reporter: there's no question the human toll of japan's epic earthquake and tsunam

in u.s. treasuries. >> tom: we ask pimco's bill gross why he's bailing out of government debt and where he's putting money now. you're watching "nightly business" report for wednesday, march 9. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. >> susie: good evening, everyone. the world's largest bond fund is betting against bonds. pimco's total return fund has sold off its government bond holdings to zero as of the end of february. tom, this is a strong signal from pimco's flagship fund that it sees little value in owning u.s. treasuries. >> tom: susie, as a result of those bond sales, pimco is sitting on $54 billion of cash. the fund still owns other kinds of bonds. it's holdings are diversified among mortgage bonds, corporate debt, foreign bonds and municipal securities. >> susie: so what's the reason behind the bond fire sale? joining us now: william gross, the founder and co-chief investment officer of pimco. hi, bill,

>> susie: the u.s. economy has been picking up speed, but experts wonder if that momentum can continue? >> rising energy prices are clearly a risk to the outlook and they are providing a headwind to the economy right now. >> tom: from higher prices to fill-up at the pump to higher prices at the grocery store. will consumers keep spending? you're watching "nightly business report" for friday, march 25. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. the u.s. economy has been growing at a faster pace than previous estimates, but consumers are becoming more gloomy. >> susie: tom, it's a mixed bag of information. let's look at the numbers. the commerce department reported today that the gross domestic product or g.d.p. grew 3.1% in the last three months of 2010, up from an earlier estimate of 2.8%. but more rec

. >> tell us a little about supplies. what is day to day life like in terms of food and water and electricity, and just getting around town? >> the situation in northeastern japan is quite desperate. although, my son, who has just come back to us from sendai, closer in to the city, told us infrastructure is starting to be restored. you walk into tokyo, and there are no neon lights, and there much fewer people walking around the town. it is a bizarre, unsettling atmosphere. >> are people in an orderly fashion, or are they panicky? >> i would say in a lot of senses, this is japanese population's finest hour. in tokyo, as i mentioned earlier, there is a great frustration and anxiety level, but there are also a lot of people saying, you know, we have to pull ourselves together. >> you can hear my complete conversation with lucy, including more on her son's ordeal, on our website, nbron meanwhile, concerns about those damaged nuclear reactors in japan spooked investor confidence, and stock markets around the world sold off. here in the u.s., the panic- selling swept through wall st

around the globe warn about the risks and u.s. stocks get whipsawed. >> tom: as the situation unfolds, how is the nuclear industry responding to the escalating crisis? and what is in store for investors? you're watching "nightly business report" for wednesday, march 16. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> susie: good evening everyone. fears escalated today around the world about the nuclear crisis in japan. comments from energy officials in europe and the u.s. raised questions about danger from the damaged reactors, tom. >> tom: susie, these were stark comments from top global experts. europe's energy chief said japan's dai-ichi nuclear plant was "effectively out of control." the u.s. energy secretary said there was a "partial meltdown" there. additionally, americans within 50 miles of the area were urged to evacuate. >> susie: and tom, those warnings spooked u.s. stock investors, sendin

captioning sponsored by wpbt . >> disasters like this remind us of the common humanity we share. >> president obama works to ease fears at home saying the u.s. is not at risk from the radiation. >> susie: japan's disaster is raising questions about u.s. nuclear liability and the yen's continued surge as we continue our coverage of the japanese crisis. you're watching nightly business report for thursday, march 17th. >> this is nightly business this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. >> tom: good evening, thanks for joining us tonight. president obama said today japan's nuclear crisis won't affect the united states, susie. >> susie: you know, tom, the president spoke this afternoon from the white house rose garden and said he doesn't expect a nuclear radiation to be a risk for people inside the united states. >> i want to be very clear. we do not expect harmful levels of radiation to reach the united states

in the u.s., the financial markets ignored those debt concerns. but erika miller looks at why american investors may want to pay attention to the crisis in portugal. >> reporter: for the past few weeks, investors have had plenty of distractions, ranging from political upheaval in egypt and libya to natural disasters and nuclear problems in japan to sharply higher oil prices. but today, the spotlight was on a problem many thought had gone away-- the european debt crisis. the fall of the portuguese government has pushed that country's borrowing rates to record levels, making it more difficult for portugal to get a handle on it's debt. economist brian levitt says the fear in financial markets is that portugal could need an expensive bailout. >> the big fear about the fall of the government in portugal is that they are not going to go through the austerity measures that they need, that the larger euro-economies want for them to go through in order to get additional credit facilities. >> reporter: another fear is contagion, reinforced by credit rating agency moody's downgrade of more than 3

earthquake will do to japan's fragile economy and the global markets. here in the u.s. despite the japan's stock index tumbled almost 180 points closing just minutes after the earthquake hit. >> tom: we spoke with our correspondent in tokyo. and began by asking lucy craft what's the initial assessment of damage to businesses and industry in japan. >> companies hit quite hard. sony, hond on, toyota, the major auto makers have a lot of factories up in northeastern japan. there's been a range of damage to these companies. so those factories will be kind of knocked out of operation for various amounts of time. fortunately, the northeastern area of japan is very sparsely populated. this is -- if you compare this to the kobe earthquake of 16 years ago, it accounts for a much smaller amount of gdp. >> reporter: what have you learned about the damage to the trainl systems and infrastructure? >> we haven't heard about the damage to the train system which is a major source of transportation here. when you talk about energy, though, it's a whole different ball of wax, and there's a lot of different

by wpbt >> susie: good evening, everyone. president obama put libya on notice today saying the u.s. and its allies are ready for military action. tom, the president's message was aimed at libyan leader moammar qaddafi. >> tom: susie, speaking at the white house, president obama said qaddafi must end the violence and pull back troops from towns under attack. >> let me be clear, these terms are not negotiable. if qaddafi does not comply, the resolution will be enforced through military action. >> susie: ahead of the president's warning, libya said it's ceasing all military action and will begin talking with opposition groups. that came after a vote at the united nations calling for a no- fly zone over the country. not surprisingly, oil markets were volatile today. crude prices closed down 35 cents to settle at $101 a barrel, off their high of $103. as suzanne pratt reports the oil market is coping with a long list of issues. >> reporter: in the past week much of the world has been fixated on japan, with one exception. the global oil market is paying much more attention to bubbling co

as global tensions heat up. >> it definitely gives us a moment to pause and reflect and actually take stock of where value really is in the capital markets. >> stock prices dropping 2% today is just an opportunity to pick them up a little cheaper. >> susie: we talk challenges and opportunities in stocks with a market bull and a market bear. you're watching "nightly business report" for thursday, march 10. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening. investors haven't seen a sell- off in stocks like today's since last summer. several worries were pressuring the markets today, violence in saudi arabia and renewed concerns about europe among them, susie. >> susie: tom, adding to the jitters-- worries about china's economic growth, and some disappointing news about the u.s. job market. the selling was broad-based-- the dow fell 228 points, closing below the 12,000 level; the n

: federal prosecutors allege rajaratnam used inside information to trade 35 stocks. the feds plan to use 173 wiretapped conversations and testimony from confidential informants against rajaratnam. on the list of the government's potential witnesses is lloyd blankfein, the c.e.o. of goldman sachs. rajaratnam's net worth is estimated at $1.5 billion, and he has spent an estimated $20 million on his defense, so far. his lawyers are expected to argue rajaratnam was simply doing thorough research in his role as a hedge fund manager. the trial is likely to last six to eight weeks. it is the government's highest profile attempt to crackdown on illegal trading on wall street. here's how u.s. attorney preet bharara put it when charges were announced at the end of 2009. >> it would be a mistake to think that this investigation is focused only, or even principally on, hedge funds. we have gone far beyond that. in fact, this investigation goes to the very heart of fair play in the business world. >> susie: joining us now with more analysis, steven feldman. he's a former u.s. attorney who worked in new y

viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. susie gharib is off tonight. i'm joined by my colleague suzanne pratt. on wall street today, there was plenty of talk about berkshire hathaway and david sokol. >> suzanne: he's the executive who unexpectedly resigned from berkshire late yesterday amid surprising revelations about his personal stock trading. sokol was also considered a likely successor to berkshire c.e.o. warren buffett. >> tom: berkshire and sokol insist he did nothing illegal, but does even the suggestion of impropriety taint warren buffett and berkshire? erika miller reports. >> reporter: there's court, and then there's the court of public opinion. both matter in determining whether david sokol did something wrong. law professor jack coffee says criminal charges are highly unlikely. >> i think he may have done something that was morally wrong, reckless, even self- destructive. but i don't think he has violated the insider trading obligation, because he wasn't an insider of the company he was investing in. >> report

and relatively modest increase in u.s. consumer price inflation. >> susie: the latest on inflation and what it'll take to end the fed's government bond buying binge. you're watching "nightly business report" for tuesday, march 1. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. ben bernanke said today the federal reserve is ready to take action if high oil prices threaten the economy. susie, the fed chief's comments came on a day when oil prices gushed higher. >> susie: tom, as bernanke was testifying on capitol hill in washington, oil futures trading here in new york surged to just below the $100 level. april crude rose $2.66 a barrel, or more than 2.5%. and those rising oil prices triggered a stock sell-off on wall street-- the dow fell 168 points, the nasdaq lost 44, and the s&p 500 off almost 22. >> tom: against that market backdrop, bernanke explain

viewers like you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. new signs today the u.s. housing market still is struggling. susie, that's even as many parts of the economy are recovering. >> susie: tom, what got everyone concerned is the latest new home sales numbers. they fell to a record low. sales tumbled almost 17% in february. even lower prices couldn't bring in the buyers. the average selling price for a new home fell to $202,000. at the current sales pace, it would take almost nine months to sell all the new homes on the market. >> tom: this discouraging news comes right at the start of the spring selling season. erika miller reports. >> reporter: instead of eating during her lunch hour, angie moncada likes to go house hunting online. she and her husband have been waiting for spring to get serious about their search. >> we want to move somewhere around the beginning of june. also it seems like things are just picking up generally, and we're hoping that people who have been holding out on putting their homes on the market will be doing so now. >> rep

: good evening, and thanks for joining us. saying he wouldn't want to miss it, apple c.e.o. steve jobs was on stage in san francisco today, susie, where he introduced the new ipad 2. >> susie: tom, seeing jobs was a huge surprise, and he got a standing ovation. and then here on wall street, investors applauded the news; apple shares jumped nearly 2% in intra-day trading. apple fans and investors were happy to see a thin but energetic steve jobs. it was the c.e.o.'s first public appearance since taking medical leave in january. he called the ipad 2 "magical," saying the tablet is a thinner, lighter, faster powerhouse. it goes on sale march 11, and the new version starts at the same price as the original: $499. it also comes with both front and back cameras so you can shoot pictures and video. >> tom: apple's newest device enters a more crowded market than the original ipad, but "consumer reports" technology editor jeff fox says the ipad 2 has a huge head start on its android-based rivals. >> there's a lot more apps coming out now for the ipad. it has taken developers many months to prod

% for the first time in almost two years. >> tom: can the hiring continue? the outlook for the u.s. job market from two top economists. you're watching "nightly business report" for friday, march 4. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening, everyone. finally we got some good news today about the job market: strong business hiring in february. but tom, that was overshadowed by a big jump in oil prices. >> tom: susie, oil prices surged again today as anti-government protests continued in libya, bahrain and yemen. april crude futures now stand at $104 a barrel up $2.50 to more than a two-year high. but on the bright side, american businesses added 192,000 jobs in february-- the fastest pace of hiring since last may. the unemployment rate dropped to 8.9%-- the third straight monthly decline. >> susie: from wall street to main street, everyone's trying to figure out if the wo

to blend other fabrics together or stop using cotton. it's essential for the scrubs to be comfortable and soft. >> reporter: she's hoping customers won't mind paying a little more for extra touches. erika miller, "nightly business report," new york. >> tom: here are the stories in tonight's "n.b.r. newswheel." global food prices hit a record high in february, and the united nation's doesn't see them coming down soon. the u.n. says rising oil prices and food stockpiling by some nations could fuel further spikes. president obama and the president of mexico have agreed to end a fight over letting mexican trucks into the u.s. here's the deal-- if the trucks come in, mexico will drop $2 billion in tariffs on u.s. goods. our congress still has to sign off on it. if you carry on luggage when flying, you're costing uncle sam big bucks. t.s.a. screening of carry-on bags costs the federal government $260 million a year. the agency wants a hike in ticket security fees to cover those costs. still ahea- generation "y" is falling behind when it comes to investing. a look at the trend for those betw

>> tom: more than a week after air strikes began, what's the taxpayers' bill so far for u.s. military operations in libya? >> we've spent between $300 and $500 million, but as we move forward those costs should drop substantially. >> suzanne: as president obama talks to americans about libya, we'll look at how much money the conflict will cost the u.s., even as nato takes the lead. you're watching "nightly business report" for monday, march 28. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. susie gharib is off tonight. i'm joined by my colleague suzanne pratt. u.s. warplanes, ships and missiles have been striking against libya for more than a week. this evening, suzanne, president obama makes his case to the american people. that's after facing questions about the goals and costs of the mission. >> suzanne: and, tom, the president's speech come

a gallon, suzanne, president obama today renewed his call for a greater focus on u.s. energy independence. >> susie: tom, the president says it's time to "get serious about a long-term policy for secure affordable energy." >> tom: the president issued his blueprint for a secure energy future. it calls for cutting the nation's oil imports by one third by 2025. >> we're going to have to find ways to boost our efficiency so we use less oil. we've got to discover and produce cleaner, renewable sources of energy that also produce less carbon pollution, which is threatening our climate. and we've got to do it quickly. >> tom: the response from the oil industry has been varied. conoco phillips said it was encouraged by the president's call for more domestic oil production, but that it wants to see more specifics. while the former president of shell oil, john hofmeister, says the president's energy plan sounded more like a campaign speech. >> i heard politics as usual, because if there was a seriousness about it, if there was an intent to move forward, i think there would be more than rhetoric. t

bond buying program if he thinks it's threatening the u.s. economy. dallas federal reserve president richard fisher, a longtime critic of the program, said he's doubtful the purchases are doing much good. meanwhile, the fed says consumer borrowing increased in january. it was the fourth straight month of gains led by loans for automobiles and education. but consumers weren't using plastic. credit card debt fell by 6%. and the world's largest maker of luxury goods has a new crown jewel. french fashion firm l.v.m.h. will buy italian jeweler bulgari for $5 billion. still ahead, the economic impact of the n.f.l. "beyond the scoreboard" looks at how america's cities could be financially tackled if pro football is cancelled for the fall. >> susie: still no vote tonight on wisconsin's $137 million budget shortfall. the state's democratic lawmakers, who left for illinois nearly three weeks ago to prevent a vote on a controversial bill, asked today for a meeting with governor scott walker. they wanted it to take place in a location near the border of wisconsin and illinois, but walker called

" is made possible by: captioning sponsored by wpbt >> tom: good evening and thanks for joining us. at&t wants to buy t-mobile in a $39 billion deal that could reshape the u.s. wireless industry. susie, if approved, it would leave just three major carriers in this country: at&t, verizon and the much smaller sprint nextel. >> susie: it is a dramatic change, tom. the proposed merger has been approved by the boards of both at&t and t-mobile parent deutche telekom. the deal still faces scrutiny from the department of justice and the federal communications commission. >> tom: critics say the merger could lead to higher prices. and as darren gersh reports, it may also change the way wireless companies do business. >> reporter: to really understand what's driving the future of telecom, you need to appreciate the difference between smartphones and what analysts like dan hayes call dumb pipes. >> the fear among the network service providers is that they are being relegated to being dumb pipes, where all they are doing is providing connectivity for voice calls and connectivity to the internet an

deficit reduction. >> today the democrats got their marching orders about how to try to depict us. we've done our work. instead of them issuing marching orders, maybe they should do is get to work and actually pass a plan. >> reporter: both republicans and democrats say they don't want to shut down the government, but that can't be ruled out when government funding runs out on april 8. it is possible congress will keep adding one week or two week extensions of the deadline, trimming spending a few billion dollars each time. former republican congressman vin weber says some budget hawks are pleased with the results of that strategy. >> so the people that are arguing for the one-slice-at-a- time strategy have something to say. "hey, we cut a few billion here and a few billion there and if we keep on doing this, we will have made some significant reductions in the budget." >> reporter: the problem, weber says, is that the easy slices are now gone, leaving more politically difficult cuts that may face a presidential veto. and many republicans are refusing to extend government funding unle

, shaking off europe's sovereign debt crisis as well as persistently high u.s. unemployment. >> we will continue to get headlines that are negative headlines. it just seems that the market is so resilient at this point that it digests the headlines and it really takes just a day or two to shake it off. >> reporter: and, experts say it's a lot easier to shake off those headlines if the u.s. economy is on strong footing. suzanne pratt, "nightly business report," new york. >> tom: for many businesses, it's gasoline prices that are worrying. and those prices are expected to continue climbing following the sharp rise in the price of crude oil. the national average price for a gallon of regular gasoline is now $3.35. that's up nearly 20 cents from a week ago, and 65 cents higher than a year ago. economists say higher fuel costs could force some consumers to pull back discretionary spending. as diane eastabrook reports, many small businesses are afraid to raise prices, despite gasoline costs eating into profits. >> reporter: the prices phillip's flowers and gifts has been paying for roses

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